Is Elon Musk an Ethereum Proponent Now?

By Prashant Jha
June 5, 2021 Updated June 5, 2021
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Elon Musk, the SpaceX founder who is quite infamous for his Twitter antics, most of which has been lately targetted towards Bitcoin, and its community. Musk was seen as  ‘Bitcoiner’ not so long ago but faced heavy backlash when he tried to advocate for a centralized Bitcoin mining community and also fueled the FUD about Bitcoin being bad for the environment. His continuous trolling spree that often led to crypto market price swings made many realize that Bitcoin doesn’t need a hero of his stature and narcissistic point of view.

After being discarded by the Bitcoin community, Musk seems to have found a new liking for Ethereum as it fits well with his mining narrative as well, given ETH is all set to make the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS).

Musk while responding to a podcast tweet of Lex Fridman with Ethereum co-founder Vitalik Buterin as a guest, said that he pretty much agrees with Vitalik.

Bitcoin is a truly decentralized community that didn’t agree with many centralized proposals of the tech billionaire, prompting him to go after the fundamentals of the top cryptocurrency. Yesterday in a cryptic meme tweet Musk hinted at a possible ‘break up’ with Bitcoin.

Many interpreted his latest tweet as a possible hint at him dumping his Bitcoin holdings. Just a day later his Vitalik appreciation tweet now has fueled discussion about him possibly turning into an Ethereum proponent.

Is Elon Going to Buy Ethereum Next?

Musk’s bashing of Bitcoin’s PoW mining consensus followed by Bitcoin trolling has made many believe he has moved over Bitcoin. With his latest tweet about Ethereum founder, the speculations are high that he might be adding Ethereum to his portfolio next.

The recent promotion of Ethereum by Musk can help the second-largest cryptocurrency gain more mainstream attention at a time when the network is making a key transition with an evolving ecosystem.

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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